Computerized application and underwriting systems and methods

• US 20030229587A1
• Filed: 04/15/2003
• Published: 12/11/2003
• Est. Priority Date: 03/27/2002
• Status: Abandoned Application

• Current Assignee: First Data Corporation (Fiserv Incorporated), Western Union
• Original Assignee: First Data Corporation (Fiserv Incorporated)
• Inventors: Arthus, Mark G., Abelman, Henry M., Algiene, Kenneth
• Application Number:
  US10/417,890
• Publication Number:
  US 20030229587A1
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A method of processing an application relating to money transfer services includes receiving at a host computer system an electronic transmission from an application computing device. The electronic transmission includes an application having application information relating to an applicant. The method may include electronically evaluating the application at the host computer system, requesting a report relating to the applicant, and receiving the report at the host computer system. The method also may include electronically evaluating the report based on certain criteria to produce a decision as to whether to accept the applicant. The method also may include transmitting a decision relating to the applicant to the application computing device.

Claims

1. A method of processing an application relating to money transfer services, comprising:

receiving at a host computer system an electronic transmission from an application computing device, the electronic transmission comprising an application having application information relating to an applicant;

electronically evaluating the application at the host computer system;

requesting a report relating to the applicant;

receiving the report at the host computer system;

electronically evaluating the report based on certain criteria to produce a decision as to whether to accept the applicant;

transmitting the decision to the application computing device.

2. The method of claim 1, wherein the decision comprises a rejection of the applicant.

3. The method of claim 1, wherein the decision comprises an approval of the applicant.

4. The method of claim 3, further comprising sending account information from the host computer system to an account maintenance system for configuration of a money transfer service provider account.

5. The method of claim 1, wherein the report comprises a selection from the group consisting of an industry report, a Dun and Bradstreet report, a credit report, an internal report, and a bankruptcy prediction report.

6. The method of claim 1, further comprising:

receiving, at a host computer system, a request from an application underwriter to view information on a money transfer service provider application;

calculating underwriting risk information at the host computer system using information in the money transfer service provider application;

transmitting the requested money transfer service provider application information along with underwriting risk information from the host computer system to the application underwriter; and

receiving an underwriting response relating to the money transfer service provider application at the host computer system from the application underwriter.

7. A method as in claim 6, further comprising authenticating the application underwriter at the host computer system.

8. A method as in claim 6, further comprising storing the underwriting response in a database associated with the host computer system.

9. A method as in claim 6, further comprising receiving a request from the application underwriter to modify the underwriting risk calculations using certain changed parameters used in the underwriting risk calculations, recalculating the underwriting risk information using the host computer system, and sending the recalculated underwriting risk information from the host computer system to the application underwriter.

10. A method as in claim 1, further comprising receiving a request at the host computer system to display a list of required application information that has not been received at the host computer system, and sending from the host computer system a document containing the list of application information that has not been received.

11. A method as in claim 1, further comprising sending an application information form from the host computer system to an application computing device, and displaying the application form on the application computing device, the application form having fields for entering the application information using an entry device.

12. A method as in claim 11, wherein the application form is further configured to be displayed in tabular form on the application computing device, whereby selection of each tab causes the host computer system to render a more specific application form on the application computing device.

13. A method as in claim 1, further comprising receiving at the host computer system a request to view tracking information on how a money transfer service provider account is being serviced, and sending a document from the host computer system containing the tracking information.

14. A method as in claim 13, further comprising receiving at the host computer system information on how the money transfer service provider account is being serviced.

15. A method as in claim 1, further comprising sending configuration information from the host computer system to a financial transaction system for configuration of a money transfer service provider account.

16. A method of evaluating the suitability of an applicant to provide money transfer services, comprising:

conducting an interview with the applicant;

entering information relating to the applicant into a computing device;

transmitting the information relating to the applicant to a host computer system;

receiving at the computing device a transmission from the host computer system, wherein the transmission comprises a decision relating to the suitability of the applicant to provide money transfer services, wherein the decision results from certain criteria applied to a report relating to the applicant.

17. The method of claim 16, wherein the decision comprises a rejection of the applicant.

18. The method of claim 16, wherein the decision comprises an approval of the applicant.

19. The method of claim 18, further comprising, gathering additional information from the applicant.

20. The method of claim 16, wherein the decision is received within about one hour of transmitting the information.

21. The method of claim 16, wherein the decision is received within about one minute of transmitting the information.

22. A computer system to facilitate the creation of a money transfer service provider account, the system comprising:

a host computer system that is adapted to be coupled to a network, the host computer system having an interface that is adapted to receive incoming data signals and to transmit outgoing data signals;

a database associated with the host computer system, the database having money transfer service provider application information for an applicant applying to be a money transfer service provider;

wherein the host computer system is configured to receive a request from an application underwriter to view at least some of the application information, to extract the requested information from the database, and to send the requested information to the application underwriter.

23. A system as in claim 22, wherein the host computer system is configured to receive underwriting information from the application underwriter using the interface.

24. A system as in claim 22, wherein the host computer system is configured to calculate underwriting risk information based on the application information, and to send the underwriting risk information to the application underwriter.

25. A system as in claim 24, wherein the host computer system is configured to receive a request from the application underwriter to modify the risk calculations using certain changed parameters used in the risk calculations, to recalculate the risk information, and to send the recalculated risk information to the application underwriter.

26. A system as in claim 22, wherein the host computer system is configured to receive a request to display a list of required application information that has not been received at the host computer system, and to send a document containing the list of application information that has not been received.

27. A system as in claim 22, wherein the host computer system is configured to send an application information form to an application computing device, and to display the application form on the application computing device, the application form having fields for entering the application information using an entry device.

28. A system as in claim 27, wherein the application form is further configured to be displayed in tabular form on the application computing device, whereby selection of each tab causes the host computer system to render a more specific application form on the application computing device.

29. A system as in claim 22, wherein the host computer system is configured to require authentication information to be received before sending the requested application information to the application underwriter.

30. A system as in claim 22, wherein the host computer system is configured to receive information on how an account is being serviced and to stored the servicing information in the database.

31. A system as in claim 30, wherein the host computer system is configured to receive a request to view tracking information on how a money transfer service provider account is being serviced, and to send a document from the host computer system containing the servicing information.

32. A system as in claim 22, wherein the host computer system is configured to send configuration information to a financial transaction system for configuration of a money transfer service provider account.